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BA 101 > Midterm 2 > Flashcards

Midterm 2 Flashcards

1
Q

What are the factors of production?

A

Land, labor, materials, capital, entrepreneurship, knowledge

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2
Q

Production

A

creation of goods

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3
Q

Production Management

A

all the activities managers engage in to help firms create goods

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4
Q

What activities does operations management include?

A

Inventory management, quality control, production scheduling, follow up services

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5
Q

What is the object of operations management?

A

Provide high quality goods/services in response to customer demand

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6
Q

Production Process

A

Inputs, production control, outputs, (factors of production, planning/scheduling, goods/services)

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7
Q

Process Manufacturing

A

physically/chemically changing materials

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8
Q

Continuous Process

A

long production runs, turns out finished goods over time

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9
Q

Intermittent Process

A

short production runs, producer adjust machines frequently to make new products,

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10
Q

Continuous vs Intermittent

A

C: efficient, not marketable due to less variation of products,
I: marketable, less efficient

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11
Q

CAD

A

Computer-Aided Design (computer design products)

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12
Q

CAM

A

Computer Aided Manufacturing (computers manufacture products)

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13
Q

CIM

A

Combination of CAD and CAM, Computer Integrated Manufacturing

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14
Q

What are the benefits of using technology in production?

A

Long production run, lower labor costs, reduces error, efficient, changes are made quickly, cheaper in the long run

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15
Q

Mass Customization

A

tailoring products to meet needs of a large number of individual customers

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16
Q

Facility Layout

A

physical arrangement of resources, including people, to most efficiently produce goods/services,

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17
Q

Assembly Line

A

workers do only a few tasks at a time

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18
Q

Modular Organization

A

teams produce more complex units of goods

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19
Q

Fixed Position

A

workers congregate around product (airplanes)

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20
Q

What is the ideal production layout?

A

one that results in reduced costs, greater efficiencies, shorter interval from order to delivery, higher level of predictability

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21
Q

What is Purchasing?

A

function that searches for high quality material resources, finds best suppliers, negotiates price for goods/services

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22
Q

JIT

A

Just-In-Time; supplies are delivered just in time to go on assembly line to complete orders, minimum inventory

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23
Q

Quality Control

A

consistently producing what customers want while reducing errors before and after delivery

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24
Q

Six Sigma Quality

A

quality measure that allows only 3.4 defects per million opportunities

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25
Q

PERT

A

Program Evaluation & Review Technique; method for analyzing tasks involved in completing a given project and estimating time needed

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26
Q

Critical Path

A

sequence of tasks that takes longest to complete; where to focus energy

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27
Q

GANTT

A

bar graph of current projects and completion status

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28
Q

Lean Manufacturing

A

using fewer resources compared to mass production

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29
Q

Flexible Manufacturing

A

machines do multiple tasks to produce various products

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30
Q

Interfirm Operations Management

A

create relationships with suppliers and work with companies to produce and ship goods

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31
Q

What is Accounting?

A

concepts/stories represented by numbers

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32
Q

Accounting Role

A

recording, classifying, summarizing, interpreting of financial events and transactions

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33
Q

Who is interested in Accounting details?

A

Employees, owners, creditors, unions, investors, government

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34
Q

What is the Accounting System?

A

1) Accounting documents
2) Processing
3) Financial Statements

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35
Q

Managerial Accounting

A

info/analysis to managers within organization

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36
Q

Financial Accounting

A

info/analysis for outside organizations

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37
Q

Annual Report

A

yearly statement of financial condition, progress, and expectations of firm

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38
Q

Accounting Equation

A

Assets = Liabilities + Owner Equity

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39
Q

Balance Sheet

A

snapshot in time of company financials, used to see if firm has enough resources to meet obligations (debt)

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40
Q

Income Statement

A

transactions over a specific time period

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41
Q

Cash Flow Statement

A

measure of strength, profitability, and provides an outlook on future of firm, how much cash is available for use in a given time

41
Q

Sales

A

Revenue = (units sold)(price), minus expenses

41
Q

How does the balance sheet explain net worth?

A

analyzes the value of company’s assets compared to liabilities

41
Q

Net Worth

A

shows how much a business is actually worth to its owners

42
Q

Ratio Analysis

A

compares company’s performance to financial objectives and performance to other firms

42
Q

Liquidity Ratios

A

measures a company’s ability to turn assets into cash to pay short-term debt

43
Q

Leverage Ratios

A

measure the degree to which a firm relies on borrowed funds, evaluates a firm’s debt

44
Q

Activity Ratios

A

measure how effectively management is turning over inventory

45
Q

Auditing

A

reviewing/evaluating information used to prepare a company’s financial statements

46
Q

Tax Accounting

A

trained in tax law and responsible for preparing tax returns and developing tax strategies

47
Q

COGS Formula

A

Purchase Price + Freight Charges + Storage Costs

48
Q

Operating Cycle

A

Cash, Production, Inventory, Sales

49
Q

Business Activites

A

Operating, Investing, Financing

50
Q

Sources of Money

A

Debt and Equity Financing

51
Q

Debt Financing

A

funds raised through various forms of borrowing that must be repaid (banks or bonds)

52
Q

Equity Financing

A

take on new owners/stockholders

53
Q

Bonds

A

long-term loan

54
Q

Primary Market

A

firms sell bonds/stocks for the first time

55
Q

Secondary Market

A

owners trade perviously issued bonds/stocks

56
Q

Owner’s Rights

A

give firm money, own piece of firm, share risk and reward

57
Q

Book Value

A

Owner’s Equity/Number of Shares

58
Q

Earnings Per Share

A

Net Income/Number of Shares

59
Q

Dividend

A

cash payment to owners from profit

60
Q

Yield

A

Dividend/Price

61
Q

Current Ratio

A

Current Assets/Current Liabilities

62
Q

Quick Ratio

A

Current Assets - Inventory
/Current Liabilities

63
Q

Finance

A

function of business that acquires funds for firms and manages them within firm

64
Q

Financial Planning

A

Short-term & long-term forecasting, budgets, establish financial controls

65
Q

Short-Term Forecasting

A

predicts revenues, costs, expenses for 1 year or less

66
Q

Long-Term Forecasting

A

predicts revenues, costs, expenses longer than a year

67
Q

Budget

A

expectations for revenue and allocation of resources

68
Q

Operational Funds

A

managing daily needs, acquiring needed inventory, controlling credit operations, making capital expenditures

69
Q

Trade Credit

A

practice of buying goods/services now and paying later

70
Q

What are the benefits to trade credit?

A

short-term funding, least expensive, most convenient

71
Q

Secured Loan

A

backed by collateral, often property

72
Q

Factoring

A

selling accounts receivable by cash

73
Q

Commercial Paper

A

funds for only a few months, unsecured

74
Q

Leverage

A

raising funds through borrowing to increase a firm’s rate of return

75
Q

Pros and Cons of Debt Financing:

A

don’t distribute wealth, receive more wealth, risk of high interest rates,

76
Q

Pros and Cons of Equity Financing:

A

don’t owe any money, high risk, high reward, own only a portion of company

77
Q

Debt to Equity Ratio

A

Total Debt
/Total Owner’s Equity

78
Q

What is the purpose of D/E ratio?

A

measures amount owned to owed, shows the ability to cover debts, used to compare with other firms

79
Q

What does a high D/E Ratio indicate?

A

indicates a firm has been aggressive in financial growth, can end in volatile earnings

80
Q

Falling Dollar Value

A

amount of goods/services you can but with $1 decreases, increases exports

81
Q

Rising Dollar Value

A

amount of goods/services you can but with $1 increases, decreases exports

82
Q

What causes the dollar to rise and fall in value?

A

due to the position of US economy relative to other global economies

83
Q

What is the Feds dual mandate?

A

maintain max employment while keeping prices stable

84
Q

Inflation

A

too much money chasing too few goods

85
Q

Deflation

A

too little money chasing too much goods

86
Q

Money Supply

A

amount of money Fed makes available

87
Q

Reserve Requirement

A

percent of money that has to be physically kept in banks

88
Q

Open-Market Operations

A

buying/selling of government bonds

89
Q

Discount Rate

A

interest rate Fed charges for loans to banks

90
Q

Check-Clearing

A

process of delivering checks between paying and receiving banks

91
Q

Commercial Banks

A

profit-seeking organization, receives deposits, uses funds to make loans

92
Q

Demand Deposit

A

Checking account, money available on demand

93
Q

Savings and Loan Association

A

financial institution, provides home mortgage loans, promotes consumer thrift

94
Q

Credit Unions

A

non-profit, member owned financial cooperatives, short term loans

95
Q

Nonbank

A

financial organizations that don’t accept deposits, offer life insurance and pension funds

96
Q

FDIC

A

Federal Deposit insurance Corporation; independent agency that insures bank deposits

97
Q

Bitcoin

A

fully digital currency with no government involvement

98
Q

Crypto Currency

A

Ledger - Trust + Cryptography

BA 101 (3 decks)

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